Thornburg Investment Management Inc. Sells 30,551 Shares of Kite Realty Group Trust (NYSE:KRG)

Key Points

• Thornburg Investment Management Inc. reduced its position in Kite Realty Group Trust by 7.2%, now holding 396,121 shares valued at approximately $8.86 million.
• Kite Realty Group Trust reported a quarterly EPS of $0.53, exceeding the consensus estimate, with revenues of $221.76 million for the quarter.
• The company declared a quarterly dividend of $0.27 per share, showcasing a high payout ratio of 1,542.86%.

Thornburg Investment Management Inc. trimmed its holdings in shares of Kite Realty Group Trust (NYSE:KRG - Free Report) by 7.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 396,121 shares of the real estate investment trust's stock after selling 30,551 shares during the quarter. Thornburg Investment Management Inc. owned about 0.18% of Kite Realty Group Trust worth $8,861,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of KRG. LPL Financial LLC increased its position in Kite Realty Group Trust by 29.5% during the fourth quarter. LPL Financial LLC now owns 134,625 shares of the real estate investment trust's stock worth $3,398,000 after buying an additional 30,692 shares during the last quarter. Prudential Financial Inc. increased its position in Kite Realty Group Trust by 199.2% during the fourth quarter. Prudential Financial Inc. now owns 279,050 shares of the real estate investment trust's stock worth $7,043,000 after buying an additional 185,783 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Kite Realty Group Trust during the fourth quarter worth $348,000. JPMorgan Chase & Co. increased its position in Kite Realty Group Trust by 23.3% during the fourth quarter. JPMorgan Chase & Co. now owns 12,215,421 shares of the real estate investment trust's stock worth $308,317,000 after buying an additional 2,308,613 shares during the last quarter. Finally, Norges Bank acquired a new position in Kite Realty Group Trust during the fourth quarter worth $91,335,000. 90.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on KRG. Wall Street Zen downgraded shares of Kite Realty Group Trust from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Raymond James Financial decreased their price target on shares of Kite Realty Group Trust from $28.00 to $26.00 and set a "strong-buy" rating for the company in a report on Friday, May 23rd. Finally, UBS Group assumed coverage on shares of Kite Realty Group Trust in a report on Tuesday, July 1st. They set a "neutral" rating and a $24.00 price target for the company. Seven analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $27.22.

Kite Realty Group Trust Stock Performance

Shares of NYSE KRG traded down $0.35 during mid-day trading on Friday, hitting $21.63. The company had a trading volume of 2,064,786 shares, compared to its average volume of 1,445,397. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.70 and a quick ratio of 1.07. The business's 50-day simple moving average is $22.49 and its 200-day simple moving average is $22.35. Kite Realty Group Trust has a 12 month low of $18.51 and a 12 month high of $28.24. The firm has a market cap of $4.75 billion, a P/E ratio of 27.37, a PEG ratio of 6.67 and a beta of 1.16.

Kite Realty Group Trust (NYSE:KRG - Get Free Report) last released its earnings results on Wednesday, July 30th. The real estate investment trust reported $0.51 earnings per share for the quarter, meeting the consensus estimate of $0.51. Kite Realty Group Trust had a net margin of 20.14% and a return on equity of 5.21%. The business had revenue of $211.18 million during the quarter, compared to analysts' expectations of $211.74 million. As a group, analysts predict that Kite Realty Group Trust will post 2.05 earnings per share for the current fiscal year.

Kite Realty Group Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 16th. Investors of record on Thursday, October 9th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Thursday, October 9th. Kite Realty Group Trust's dividend payout ratio (DPR) is presently 136.71%.

About Kite Realty Group Trust

Kite Realty Group Trust NYSE: KRG is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets. The Company's primarily grocery-anchored portfolio is located in high-growth Sun Belt and select strategic gateway markets.